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MALAYSIA SMELTING CORP BHD (NPW) Fair Value & Analysis

Basic Materials · SG · Market cap 504M SGD

MS MALAYSIA SMELTING CORP BHD NPW · SG
Price0.6100 SGD
Fair Value0.6400 SGD
Upside+4.9%
Quality55/100
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Healthy Growth
Thin margins · 6.4% net margin
Low debt · generates free cash flow
13.33% dividend yield
Ranks above peers (14/14)
Moderate moat 53/100
Evidence: Medium Range 0.4100 SGD – 0.8000 SGD Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 5 days ago

Share price −1.6% over the past month.

A solid business, currently priced close to our fair value.

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What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (0.4100 SGD to 0.8000 SGD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

0.7018 SGD 0.1634 SGD Fair Value 0.6400 SGD May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 0.1634 SGD – 0.7018 SGD · fair‑value band 0.4100 SGD – 0.8000 SGD · the 0.6100 SGD price screens below the 0.6400 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

MALAYSIA SMELTING CORP BHD (NPW) currently trades at 0.6100 SGD, while our model-based Fair Value estimate is 0.6400 SGD, implying the stock looks roughly 4.9% fairly valued today. The Quality Score stands at 55/100 (solid quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, MALAYSIA SMELTING CORP BHD generated revenue of 1.8B SGD at a net margin of 6.4%. Revenue grew 23.6% year over year. It earns a return on equity of 17.1%. Net debt stands at 154M SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.4100 SGD (bear case) to 0.8000 SGD (bull case); at 0.6100 SGD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 14% below its 52-week high and 76% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -42% fair-value upside, at 5%, NPW screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 0.9400 SGD 1.28 SGD 1.76 SGD 80
Residual Income 0.7400 SGD 0.8200 SGD 1.18 SGD 76
Rev-Margin DCF 1.41 SGD 2.29 SGD 3.36 SGD 74
All 24 models by family
DCF Models
FCF DCF 0.9400 SGD 1.32 SGD 1.86 SGD 38
Owner Earnings 1.11 SGD 1.58 SGD 2.25 SGD 31
5Y Revenue Exit 1.41 SGD 2.31 SGD 3.52 SGD 39
5Y EBITDA Exit 1.51 SGD 2.50 SGD 3.71 SGD 41
5Y P/E Exit 1.36 SGD 2.22 SGD 3.16 SGD 38
10Y Revenue Exit 1.17 SGD 1.91 SGD 2.99 SGD 36
10Y EBITDA Exit 1.27 SGD 2.03 SGD 3.13 SGD 37
10Y P/E Exit 1.18 SGD 1.85 SGD 2.73 SGD 35
Earnings-Based
Graham-Dodd 0.6600 SGD 2.57 SGD 3.49 SGD 54
Lynch FV 0.6300 SGD 0.9000 SGD 1.17 SGD 50
PEG = 1.0 0.6300 SGD 0.9000 SGD 1.17 SGD 46
EPV 1.18 SGD 1.31 SGD 1.42 SGD 59
Multiples
P/E Multiple 1.54 SGD 2.05 SGD 2.56 SGD 63
P/S Multiple 1.24 SGD 1.66 SGD 2.07 SGD 58
P/B Multiple 1.24 SGD 1.66 SGD 2.07 SGD 55
EV/EBIT 2.38 SGD 3.09 SGD 3.79 SGD 53
EV/EBITDA 2.05 SGD 2.65 SGD 3.25 SGD 54
EV/Revenue 1.77 SGD 2.42 SGD 3.07 SGD 43
Asset-Based
NCAV (Graham) 0.4400 SGD 0.5800 SGD 0.8700 SGD 50
Growth DCF
Growth DCF 0.9400 SGD 1.28 SGD 1.76 SGD 80
Rev-Margin DCF 1.41 SGD 2.29 SGD 3.36 SGD 74
Economic Profit
Residual Income 0.7400 SGD 0.8200 SGD 1.18 SGD 76
ROIC Compounder 1.26 SGD 1.50 SGD 1.80 SGD 72
Growth Earnings
Growth-Adj P/E 1.13 SGD 1.62 SGD 2.11 SGD 68

Widest divergence: Multiples (2.05 SGD) versus Asset-Based (0.5800 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.8B SGD
Revenue growth (YoY) +23.6%
Net margin 6.4%
Return on equity 17.1%
Free cash flow 57.8M SGD FY2025
P/E ratio 15.3
More key figures
Operating margin 15.7%
EPS (TTM) 0.0400 SGD
Dividend yield 13.3%
EPS growth (YoY) +456%
Net debt 154M SGD FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 52 · Market factors (momentum, volatility) 67

Profitability 47
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 37
Earnings quality: real cash, not paper profit
Fin. Strength 65
Balance sheet, leverage, solvency risk
Investment 91
Disciplined investing over empire-building
Low Volatility 53
Calm price path (market factor)
Momentum 66
Price trend over the last 3–12 months (market factor)
52W Momentum 87
Distance to the 52-week high (market factor)
Net Issuance 40
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Malaysia Smelting Corporation Berhad, an investment holding company, engages in the smelting tin concentrates and tin bearing materials in Malaysia. It operates through three segments: Tin Smelting, Tin Mining, and Others.

Full company description

Malaysia Smelting Corporation Berhad, an investment holding company, engages in the smelting tin concentrates and tin bearing materials in Malaysia. It operates through three segments: Tin Smelting, Tin Mining, and Others. The company produces, sells, and delivers refined tin metal and by-products under the MSC brand; explores and mines tin; and invests in other metal and mineral resource companies. It is also involved in the tin warehousing; and properties holding and rental businesses. Malaysia Smelting Corporation Berhad was founded in 1887 and is headquartered in Port Klang, Malaysia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

MALAYSIA SMELTING CORP BHD reported revenue of 1.8B SGD in FY2025 versus 1.1B SGD in FY2021, a compound +13.1%/yr. Reported net income was 82.0M SGD in FY2025, compounding −8.7%/yr from FY2021.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.8B SGD
Latest YoY
+4.0%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.4%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+16.7%
Avg. growth/yr (6Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.2%
Revenue +13.1%/yr
FY21 1.1B SGD
FY22 1.5B SGD
FY23 1.4B SGD
FY24 1.7B SGD
FY25 1.8B SGD
Net income −8.7%/yr
FY21 118M SGD
FY22 98.3M SGD
FY23 85.1M SGD
FY24 79.4M SGD
FY25 82.0M SGD

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Cite: Fair Value Calculator (2026). "MALAYSIA SMELTING CORP BHD Fair Value". https://www.fairvalue-calculator.com/stock/NPW

Peer Group

Other Industrial Metals & Mining · 481 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 55 · Top 25%
Fair Value upside +5% · Above median
Return on equity (TTM) 17% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 6% · Top 25%
Operating margin (TTM) 16% · Above median
Revenue growth 24% · Above median
Dividend yield (TTM) 13.3% · Top 25%
Debt / equity 0.02× · Lower than median

Valuation Multiples vs Other Industrial Metals & Mining median · lower = cheaper

P/E (TTM) 15.3× · Cheaper than median
P/B 0.54× · Cheaper than 75% of peers
P/S (TTM) 0.21× · Cheaper than 75% of peers
P/FCF 6.8× · Cheaper than median
EV/EBITDA 0.9× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 40 · sector 0
FUTURE 100 · sector 24
PAST 68 · sector 0
HEALTH 99 · sector 96
DIVIDEND 100 · sector 38

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Other Industrial Metals & Mining stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
BHP Group BHPN 1,425 MXN 745.46 MXN -48%
Rio Tinto Group RIO A$179.43 A$81.76 -54%
Grupo México, S.A. GMEXICOB 222.38 MXN 172.99 MXN -22%
Vale S.A VALEN 250.00 MXN 139.41 MXN -44%
Saudi Arabian Mining Company 1211 58.05 SAR 33.87 SAR -42%
CMOC Group 603993 ¥19.00 ¥19.80 +4%
China Tungsten And Hightech Materials Co 000657 ¥70.43 ¥9.55 -86%
Hindustan Zinc Limited HINDZINC ₹584.60 ₹501.98 -14%
China Northern Rare Earth (Group) High-Tech Co 600111 ¥41.02 ¥10.59 -74%
Boliden AB BOL kr 527.80 kr 461.48 -13%

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Frequently asked questions

Is MALAYSIA SMELTING CORP BHD (NPW) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.6400 SGD versus a price of 0.6100 SGD, about +5% (fairly valued).
What is the fair value of NPW?
Our model-based fair value for MALAYSIA SMELTING CORP BHD is 0.6400 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 0.6100 SGD.
What is the quality score of NPW?
MALAYSIA SMELTING CORP BHD has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of MALAYSIA SMELTING CORP BHD (NPW)?
MALAYSIA SMELTING CORP BHD reported trailing-twelve-month revenue of about 1.8B SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of NPW?
The net profit margin of MALAYSIA SMELTING CORP BHD is about 6.4%, meaning it keeps roughly 6.4% of revenue as net income. Based on the latest reported figures.
Does MALAYSIA SMELTING CORP BHD pay a dividend?
MALAYSIA SMELTING CORP BHD currently shows a dividend yield of about 13.33% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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